System and method for creating a market map in an electronic trading environment

ABSTRACT

A market map interface displays market information and trader-related information associated with at least two tradable objects. In one embodiment, the at least two graphical interfaces may be linked, and a user may define one or more adjustment parameters to be used to adjust the view of information being displayed via the linked graphical interfaces. For instance, a user may initiate repositioning of one of the linked graphical interfaces, thus, effectively, causing other linked graphical interfaces to be repositioned according to the defined adjustment parameters.

CROSS REFERENCE TO RELATED APPLICATION

This application is a continuation of U.S. patent application Ser. No.10/338,370 filed Jan. 8, 2003, entitled “System and Method for Creatinga Market Map in an Electronic Trading Environment,” the contents ofwhich are fully incorporated herein by reference.

FIELD OF INVENTION

The present invention is directed towards electronic trading. Morespecifically, the present invention is directed towards providing a toolfor displaying trader-related data in combination with market datarelated to one or more tradable objects.

BACKGROUND

Over the years, institutions have existed that allowed people to buy andsell tradable objects from one another. Since the advent of traditionaltrading methods, the basic manner in which such trading has beenconducted has remained essentially the same. However, recenttechnological advances have provided for the evolution of tradingmethods from a manually intensive process to technologically enabledelectronic platforms. The rapid increase in the number of peopleperforming trades electronically has continued to account for more andmore of the total percentage of transactions in the market. In fact,what was previously seen as a supplement to the traditional pit trading,now, electronic trading is expected to continue to transform the tradingprocess as modern technology advances.

Many exchanges throughout the world now support electronic trading.Electronic trading has made it possible for an increasing number ofpeople to actively participate in a market at any given time. Theincrease in the number of potential market participants hasadvantageously led, among other things, to a more competitive market andgreater liquidity.

Exchanges that support electronic trading are generally based on a host,one or more computer networks, and clients. In general, the hostincludes one or more centralized computers to form the electronic heart.Its operations typically include order matching, maintaining order booksand positions, price information, and managing and updating a databasethat records such information. The host is also equipped with anexternal interface that maintains uninterrupted contact to the clientsand possibly other trading-related systems.

Typically, market participants link to the host through one or morenetworks. A network is a group of two or more computers linked together.There are many types of networks such as local area networks and widearea networks. Networks can also be characterized by topology, protocol,and architecture. However, any type of network configuration can be usedas an electronic trading environment. For example, some marketparticipants may link to the host through a direct connection such as aT1 or ISDN. Alternatively, some participants may link to the exchangethrough direct connections and through other common network componentssuch as high-speed servers, routers, gateways, and so on.

Regardless of the way in which a connection is established, softwarerunning on the clients allows people to log onto one or more exchangesand participate in one or more markets. Some clients run software thatcreates specialized interactive trading screens. In general, the tradingscreens enable people to enter orders into the market, obtain marketquotes, and monitor positions. The range and quality of featuresavailable on such screens vary according to the specific softwareapplication being run.

The success of a trader who trades in a competitive electronic tradingenvironment depends on many factors. One of the factors is how fast atrader can make a trade. The faster and more flexible that a trader cantrade, the less likely it will be that the trader will miss the trader'sprice and the more likely the trader will make money.

Another important factor is the ability of a trader to view marketinformation, e.g., a market trend, related to one or more tradableobjects that the trader is trading, or relative positions between two ormore tradable objects. Many traders view market information using chartsthat display market trend information related to a particular tradableobject. To view such charts, however, traders have to open one or morewindows in addition to a trading interface. Such a method of displayinginformation may not be fully beneficial to a trader especially when thetrader is trading a plurality of tradable objects at the same time andsimultaneously wants to view multiple charts corresponding to thetradable objects. Further, using such a method, a trader will not beable to quickly and efficiently determine relationships between thedisplayed tradable objects. If multiple charts do not fit on a trader'sscreen, a trader is forced to switch between the charts and/or thetrading interface. Such an embodiment may be to detriment of a trader,because, while the trader opens and closes multiple charts, the tradermay miss critical shifts in one or more markets in which the traderparticipates. Further, using such charts, it is difficult for a traderto correlate the trader's current positions or his/her market activitieswith market information provided on such charts. This task becomes evenmore burdensome to a trader who is trading multiple tradable objects andwho at the same time is trying to view market information and monitorhis/her trading positions.

Additionally, if a trader is not even using charts, but trades multipletradable objects at the same time, the trader might experiencedifficulties to simultaneously view information related to all of thesetradable objects due to screen space limitations. Thus, once again, atrader might get caught switching between interfaces to view datarelated to tradable objects that he/she is currently trading, whilepossibly missing important market swings related to other tradableobjects.

Thus, it is still desirable for electronic trading applications to offertools that can assist a trader in trading in electronic tradingenvironments, help the trader make trades at the most favorable pricesin a speedy and accurate manner, while allowing the trader toconveniently view any desirable information.

BRIEF DESCRIPTION OF THE DRAWINGS

Example embodiments of the present invention are described herein withreference to the following drawings, in which:

FIG. 1 is an example of a network configuration for a communicationsystem utilized to access one or more exchanges;

FIG. 2 is a simplified block diagram of a client terminal that can beused in example embodiments;

FIG. 3 is a block diagram illustrating one graphical interface that maybe displayed via a market map in accordance with one embodiment;

FIG. 4 is a block diagram illustrating a graphical interface fordisplaying trader-related historical data including trader's profit andloss information via the market map;

FIG. 5 is a block diagram illustrating a method for repositioning ofgraphical interfaces on the market map in accordance with oneembodiment; and

FIG. 6 is a block diagram illustrating one embodiment for repositioninggraphical interface's indicators based on relative tick ratiosconfigurable by a user.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT(S)

For certain trading strategies, traders may be interested in monitoringand participating in markets for two or more tradable objects. Knowntrading applications have limited capabilities to address this interest.For example, market information related to one tradable object may bedisplayed in a trading interface in a first trading window andinformation on a second tradable object may be displayed in a secondtrading window. Using such known trading applications, it may take along time for a trader to discern the relationship between the tradableobjects.

Thus, it is beneficial to display market information and trader-relatedinformation for two or more tradable objects in a manner that allows atrader to quickly monitor his position as the market fluctuates.According to one preferred embodiment, the market information andtrader-related information associated with two or more tradable objectsare displayed in relation to one or more common static axes, and createwhat is referred to hereinafter as a “market map.” Using the market map,a trader can view, among other parameters, his/her working orders andcomplete position in relation to market information associated with twoor more tradable objects being traded by the trader.

Further, according to another preferred embodiment, a trader may believethat there is a relationship between two or more tradable objects,information related to which, is displayed via the market map. In suchan embodiment, the trader may link two or more such tradable objectinterfaces being displayed via the market map to create one or morelinked tradable object groups. Once the tradable object interfaces arelinked, the trader may define one or more adjustment parameters, such asoffsets, equations, or formulas, based on his/her perception of arelationship between the linked tradable objects. Based on the definedadjustment parameters, as will be described in greater detail below,and, for example, upon receiving a predetermined user input, datarelated to one or more linked tradable objects are displayed via thegraphical interfaces and may be adjusted relatively to one another. Inthe example embodiment described hereinafter, adjustment of one or moregraphical interface refers to changing of relative views or positions ofthe graphical interfaces associated with the tradable objects.

While the present invention is described herein with reference toillustrative embodiments for particular applications, it should beunderstood that the present invention is not limited thereto. Thosehaving ordinary skill of art will recognize that many additionalmodifications and embodiments are possible as well.

FIG. 1 shows an example system that may be used to implement networkconnections between an exchange and client terminals. It should beunderstood, however, that this and other arrangements described hereinare set forth for purposes of example only. As such, those skilled inthe art will appreciate that other arrangements and other elements(e.g., machines, interfaces, functions, orders of functions, etc.) canbe used instead, and some elements may be omitted altogether. Further,as in most telecommunications applications, those skilled in the artwill appreciate that many of the elements described herein arefunctional entities that may be implemented as discrete or distributedcomponents or in conjunction with other components, and in any suitablecombination and location.

Still further, various functions described herein as being performed byone or more entities may be carried out by hardware, firmware and/orsoftware logic. For instance, various functions may be carried out by aprocessor executing a set of machine language instructions stored inmemory. Provided with the present disclosure, those skilled in the artcan readily prepare appropriate computer instructions to perform suchfunctions.

Referring back to FIG. 1, the illustrated system includes a hostexchange 100, a gateway 102, and a client terminal 104. It should beunderstood that even though the example system illustrates only oneclient terminal 102 communicating with a single host exchange 100, theclient terminal 102 could also communicate with more than one hostexchange via the gateway 102 or other gateways corresponding to eachhost exchange. Further, it should be understood that the example systemis not limited to a single client terminal. In an alternativeembodiment, a trading house including a plurality of client terminalsmay connect to the host exchange 100 via the gateway 102.

The host exchange 100 may include the Chicago Board of Trade (“CBOT”),the New York Stock Exchange (“NYSE”), the Chicago Mercantile Exchange(“CME”), the Xetra (a German stock exchange), or the Europeanderivatives market (“Eurex”). However, it should be understood that theexchanges could also include any other existing or later developedexchanges. Further, it should be understood that the present inventionis not limited to any particular network architecture or tradingapplication, but rather may be applied with utility on any client devicein any network that can be used for electronic trading. Furthermore, theinvention is not limited to a completely electronic trading environmentwhere orders are sent to an electronic matching engine. For example, theinvention could be utilized with an electronic trading application,which sends orders electronically to a terminal where a person (e.g., afloor broker) executes those orders in a traditional open outcry tradingfloor.

The host exchange 100 connects to the client terminal 104 via thegateway 102. The gateway 102, as is known in the art, may include one ormore computers, or software programs, and receives information from thehost exchange 100 and sends the information down to the client terminal104. Preferably, the gateway 102 receives data from the host exchange100 and converts the received data to a format compatible with theprotocols used on the client terminal 104. Alternatively, the conversioncould be performed at the client terminal 104.

The host exchange 100 provides market information to the client terminal102, and may relay this information, or a portion thereof, collectivelycalled a data feed 106, over a network to market participants at theclient terminal 104. A data feed from one exchange may contain differentinformation representing different tradable objects than another datafeed from a second exchange. In one embodiment, a data feed may includemarket information related to all tradable objects being traded at thehost exchange 100. In such an embodiment, when the client terminal 104receives such a data feed, a trading application on the client terminal104 may extract from the received data feed information related to oneor more tradable object selected by a trader at the client terminal 104.Alternatively, the gateway 102 could be configured to extract theinformation related to tradable objects selected by a particular traderat the client terminal 104, and could send only the relevant informationto the client terminal 102. Further, alternatively, the host exchange100 may have knowledge of tradable object(s) that were selected by atrader at the client terminal 104, and may provide to the clientterminal 104 only market data related to the selected tradable objects.

As used herein, the term “tradable object” refers simply to anythingthat can be traded with a quantity and/or price. It includes, but is notlimited to, all types of tradable objects such as financial products,which can include, for example, stock options, bonds, futures, currency,and warrants, as well as funds, derivatives, and collections of theforegoing, and all types of commodities, such as grains, energy, andmetals. The tradable object may be “real,” such as products that arelisted by an exchange for trading, or “synthetic,” such as a combinationof real products that is created by a trader. Also, a tradable objectcould actually be a combination of other tradable objects, such as aclass of tradable objects.

The data feed 106 may include information relating to prices andquantities of one or more tradable objects. For example, the data feed106 could provide data corresponding to quantities at inside marketprices and/or data corresponding to quantity at different prices. Theinside market is the highest bid price (“HBP”) and the lowest ask price(“LAP”) for a tradable object. Data feeds from some exchanges may alsoprovide data related to the market depth. The market depth of a tradableobject is each available pending bid and ask quantity (or anyaggregation or combination thereof), entered at a particular price. Theextent of the market depth available to a trader depends on the hostexchange. Some exchanges provide an infinite market depth, while othersprovide only quantities associated with the inside market and some mayprovide no market depth.

The client terminal 104 may include any computing terminal, such as apersonal computer, a handheld device, or any other currently existing orlater developed computing terminals. Further, it should be understoodthat the client terminal 104 may connect to the gateway 102 via wirelesscommunication links, wireline communication links, or a combinationthereof. In general, according to the example embodiments describedherein, the client terminal 104 is a computer that allows a trader toparticipate in the market hosted at the exchange 100, and uses softwarethat creates specialized trading screens on the client terminal. Therange and quality of features available to the trader on his or herclient terminal's screen may vary according to the specific softwareapplication being run on the client terminal 106. Among other functionalfeatures, a trading screen being run on the client terminal 106 mayenable traders to enter and execute orders, obtain market quotes, andmonitor positions. However, it should be understood that, in addition tointeractive trading screens, the client terminal 104 may also runautomated non-interactive types of trading applications.

A commercially available trading application that allows a trader totrade in a system like the one shown in FIG. 1 is X_TRADER® from TradingTechnologies International, Inc. of Chicago, Ill. X_TRADER® alsoprovides an electronic trading interface, referred to as MD Trader™, inwhich working orders and/or bid and ask quantities are displayed inassociation with a static axis of prices. However, the preferredembodiments are not limited to any particular product that performstranslation, storage and display functions.

Portions of the X_TRADER® and the MD Trader™-style display are describedin U.S. patent application Ser. No. 09/590,692, entitled “Click BasedTrading With Intuitive Grid Display of Market Depth,” filed on Jun. 9,2000, U.S. patent application Ser. No. 09/971,087, entitled “Click BasedTrading With Intuitive Grid Display of Market Depth and PriceConsolidation,” filed on Oct. 5, 2001, and U.S. application Ser. No.10/125,894, entitled “Trading Tools for Electronic Trading,” filed onApr. 19, 2002, the contents of which are incorporated herein byreference.

Market Map

According to one example embodiment, a client terminal consists of oneor more computers (or software applications) that allow a trader toparticipate in the market hosted at the exchange. More specifically, theclient terminal uses one or more trading applications that createspecialized trading interfaces. Such trading interfaces, among otherfunctions, enable traders to enter and execute orders and monitorpositions in a fast and efficient manner. Additionally, as will bedescribed in reference to the subsequent figures, a trader may activatea market map interface that allows him/her to view market informationassociated with one or more tradable objects as well as trader-relatedinformation associated with these tradable objects.

A market map may be displayed in a format of a window interface that, inturn, may display information related to a plurality of tradableobjects. According to one embodiment, market information andtrader-related information associated with a tradable object aredisplayed in relation to a static axis. Further, the displayedinformation may be repositioned in relation to information associatedwith another tradable object. For instance, information related to atradable object and displayed in relation to one static axis may berepositioned in relation to information displayed in relation to asecond axis based on one or more user configurable adjustmentparameters.

It should be noted that the static axis, such as the static axis ofprices is not necessarily immovable with respect to its physicalposition on the display screen, but rather may be moved to variousdifferent positions on the display. The user may use a mouse or otherinput device, for example, to reposition static axis of prices to adifferent location on the display screen, such as by scrolling thestatic axis of prices from one side of the display screen to the otherside of the display screen. In another example, the user may vary whichportion of the static axis of prices is displayed, such as by scrollingup or down the axis or by entering a repositioning command.

FIG. 2 is a simplified block diagram of a client terminal 200 that maybe used according to one embodiment. The client terminal 200 includes atrading application 202 and a market map application 204. As mentionedin the preceding paragraphs, it should be understood that the use of thetrading application 202, among other functions, allows a trader to viewmarket data, and enter or cancel trade orders. A commercially availabletrading application that allows a trader to trade in a system like thatshown in FIG. 1 is X_TRADER® from Trading Technologies International,Inc. of Chicago, Ill. that provides an electronic trading interface, MDTrader™. However, it should be understood that different tradingapplication could also be used. The market map application 204 allows atrader to dynamically view a trader's performance and position relativeto market data associated with a predetermined tradable object.Additionally, the market map application 204 may allow the trader toview historical data associated with the tradable object. In oneembodiment, the market map application 204 may also allow a trader toview market data and trader-related data associated with a plurality oftradable objects being traded by the trader. In such an embodiment, oneor more displays of market data and trade-related data may be adjustedrelative to one or more linked tradable object interfaces based one ormore adjustment parameters specified by a trader. In such an embodiment,a trader may select a tradable object relative to which one or moreother displays are adjusted, the embodiments of which will be describedin greater detail in reference to subsequent figures.

In one embodiment, the market map application 204 and the tradingapplication 202 may share commonly used information. In an alternativeembodiment, the market map application 204 may be a separate andindependent application from the trading application 202. Further, itshould be understood that even though FIG. 2 illustrates the market mapapplication 204 installed on the client terminal 200, in an alternativeembodiment, the market map application 204 could be installed at aserver and/or gateway. In such an embodiment, for example, when a traderat the client terminal 200 subscribes to services provided by the marketmap application 204, a server or a gateway may start monitoring trader'strade-related data associated with one or more tradable objects andcorrelate the trade-related data with market data associated with thoseobjects for display via the market map interface. In such an embodiment,a gateway or a server may provide market map data to the client terminal200, and the client terminal 200, upon receipt, may dynamically displaythe received market map data via a market map interface that will bedescribed in greater detail below.

Further, alternatively, it should be understood that the market mapapplication 204 could be partially installed at a server and/or gateway,and some portions may be installed at the client terminal 200. Such anembodiment may turn out especially beneficial when a client terminal haslittle processing power or not enough storage space to store algorithmsor applications to be used for mapping trader's trade-related dataassociated with a predetermined tradable object onto market datacorresponding to that tradable object. Those skilled in the art willunderstand that the market map application 204 and the tradingapplication 202 may be stored in a random access memory, a read onlymemory, a combination thereof, or another storage medium available atthe client terminal 200 or at another network entity.

FIG. 3 is a block diagram illustrating a graphical interface 300associated with a tradable object that may be displayed via a market mapaccording to one embodiment.

The graphical interface 300 displays market information andtrader-related information associated with a tradable object. The marketinformation and trader-related information are displayed using aplurality of graphical indicators. It should be understood that theindicators illustrated in FIG. 3 are only example indicators, and anytype of graphical indicators could also be used. For example,trader-related indicators and market indicators could be userconfigurable. According to the embodiment illustrated in FIG. 3, theindicators are displayed in relation to a common static axis 330 that isfixed in relation to the displayed indicators. The indicators, however,can move relative to the static axis 330. The common static axis 330 maybe representative of price levels corresponding to each indicator. Theembodiment illustrated in FIG. 3 does not display numerical valuescorresponding to prices. However, it should be understood that, in analternative embodiment, price levels could be displayed either on theaxis or in relation to the axis. Exchanges typically list prices oftradable objects traded in the marketplace in small denominations, suchas 1/32 or 1/64 of a dollar, or in decimals like 0.01. The smallest suchdenomination for each tradable object is called a “tick.” Alternatively,prices may be displayed as consolidated prices. In one embodiment,market information and trader-related information provided on a marketmap may be displayed based on tick increments provided by the exchange.

It should be understood that market information indicators andtrader-related information indicators may fluctuate logically up anddown relative to the axis as the market prices fluctuate. It should beunderstood that the present invention is not limited to any type ofdisplay. For example, market information related to a tradable objectand trader-related data may be displayed horizontally relative to ahorizontally oriented axis, n-dimensionally, or in any other fashion.

The graphical interface 300 may display a plurality of marketinformation indicators associated with a tradable object, such as ahighest traded price indicator 312, a lowest traded price indicator 326,a best ask indicator 316, a best bid indicator 318, and a net changeindicator 306. The highest and lowest traded price indicators 312 and326 correspond to the highest traded price and the lowest traded priceof a tradable object during a predetermined period of time such asduring a trading day or any other configurable period of time, forexample. The best ask indicator 316 and the best bid indicator 318indicate the inside market level, i.e., the best ask price and the bestbid price, respectively. It should be understood that a trader can havethe ability to control a graphical representation of each indicator,such as shape or color of each indicator. For example, a trader canconfigure one color, such as yellow, to be used for the highest tradedprice indicator 312, and another color, such as purple, to be used forthe lowest traded price indicator 326, for instance. Further, it shouldbe understood that each indicator could be displayed in association witha numerical value. For example, in addition to displaying a graphicalindicator associated with a highest traded price, a numerical value ofthe highest traded price could be displayed in association with theindicator.

As illustrated in FIG. 3, the net change indicator 306 displays a netchange associated with a closing price, such as the highest closing bid,for example, on one trading day and a closing price of some previoustrading day configurable by a user. Therefore, the number displayed inthe net change indicator 306 corresponds to a net price movementassociated with the tradable object over a specific period of time.

It should be understood that the market information indicators describedabove are only example indicators and more, fewer, or differentindicators could also be used in addition to or instead of theindicators described.

In addition to displaying market-related information associated with thetradable object, the graphical interface 300 may also displaytrader-related information indicators associated with the tradableobject. The trader-related indicators illustrated in FIG. 3 include anaverage price of open position indicator 324, a working bid indicator322, a working ask indicator 310, a net position indicator 304, and atrader's performance indicator, e.g., a profit/loss (“P/L”) indicator302.

The indicator 324 is associated with an average price of an openposition. A position may be defined as a difference between the numberof orders bought (a long position) and the number of orders sold (ashort position). A position is open when the number of orders bought andsold is not equal. If these numbers are equal, the trader's position isconsidered closed. For example, when a trader trades at the exchange,the trader may receive multiple fills for multiple quantities that maybe associated with different price levels. The different price levelsassociated with these multiple fills may be used to determine an averageprice of an open position, e.g., an average price at which the fillsoccurred. It should be understood that the average price may bedetermined in many different ways, and a trader may use his ownpre-configured method to determine the average price. The trader canthen use this average price to estimate if trading out of a positionwould result in a gain, loss, or neither a gain nor a loss.

For example, to determine the average price of an open position, a totalprice of the quantity that has been filled may be divided by the totalnumber of orders either bought or sold, i.e., the trader's currentposition. For example, if a trader purchased two contracts of a tradableobjects, one at a price level 100 and one at a price level 102, thetrader would have a long position of two, meaning that the trader wouldhave to sell two contracts in order to close the position. In thisexample, the average price of an open position is 101 (the number ofcontracts at 100 (1*100) plus the number of contracts at 102 (1*102),divided by the total number of contracts (2)). FIG. 3 displays theaverage price indicator 324 on the static axis 330. However, it shouldbe understood that the average price indicator 324 could be displayed inany manner and in any relation to the static axis 330.

The working order indicators 310 and 322 are associated with orders thata trader placed in a market, but which haven't been filled yet, e.g.,the system is working on filling the order. Specifically, the workingoffer indicator 310 corresponds to a working offer order, and theworking bid indicator 322 corresponds to a working bid order that wasplaced by a trader. Alternatively, the indicators 310 and 322 or anotherset of indicators could be used to indicate, for example, a sell stop ora buy stop, e.g., price levels to sell or buy a certain quantity of atradable object when the respective stop price level is reached. Inaddition to the stop price level indicators, buy and sell limitindicators could be displayed as well. In such an embodiment, forinstance, when a market reaches a predetermined sell stop level, anorder to sell a specific quantity of a tradable object may beautomatically placed in the market. However, in a fast moving market, ifthe market reaches the limit level before the order to sell is filled,the order may be cancelled. Thus, the predetermined quantity of thetradable object may be sold when a sell stop level is reached unlessmarket reaches a predetermined limit level. It should be understood thatstop and limit levels may be user configurable, and stop levelindicators as well as limit level indicators may be displayed on thegraphical interface 300 to indicate where such limit levels have beenplaced.

Further, a trader may move the working order indicators 310 and 322 to anew desired price, thus, effectively, canceling the previous order andplacing a new order on the market. When the trading application 202detects that a trader moves a working order indicator to a new position,the trading application 202 may submit a new order at a price levelcorresponding to the position of the indicator on the axis 330, and alsomay cancel the previous working order. It should be understood that theprocess of moving the order to a new price level may be accomplished inmany different ways. For instance, a trader may move the indicator to anew position by simply selecting the order indicator and dragging theorder to a new price level. It should be understood that when the traderselects the order indicator, information related to the order, such asorder quantity and the current price level, may be displayed in relationto the indicator. Similarly, when the trader drags the indicator to anew position, price levels may be displayed in association with theindicator until the indicator reaches a desired price level.

In addition to the working order indicators 310 and 322, the interface330 may also display a total number of working orders that a trader hasin the market. According to the embodiment illustrated in FIG. 3, theindicator 308 is used to display the total number of working orders,i.e., orders not filled, that a trader has currently on the market. Itshould be understood that in addition to or instead of displaying thetotal number of working orders, a trader's total working quantity couldbe displayed as well. The total working quantity would represent thetotal unfilled quantities of all orders that the trader has currentlyentered, but that haven't been filled in the market.

The net position (“POS”) indicator 304 displays a numerical valueassociated with a net position that a trader has in the market. A netposition is a difference between the total open long position and thetotal open short position of a tradable object held by a trader. Forinstance, if a trader has bought 12 more contracts of a tradable objectthan the trader has sold, then the trader's net position would be 12.Similarly, if a trader has sold 12 more contracts of a tradable objectthan the trader has bought, then the trader's net position would be −12.

Further, the P/L indicator 302 displays a trader's profit or loss valueassociated with the tradable object. Many formulas can be used tocalculate trader's profit and loss. In one embodiment, for example, theprofit or loss may be calculated by subtracting the total sell pricefrom the total buy price, and then subtracting the cost of closing aposition, market fees, or any other transaction costs. It should beunderstood that many different formulas could be used to calculate theprofit/loss value, and, thus, a number displayed in the conjunction withthe P/L indicator 302 may be calculated using any equation configurableby a trader. For instance, the cost to close a position may becalculated using different prices such as a current inside market price,a settlement price, or any theoretical price selected by a trader.Additionally, exchange fees or any other user configurable fees could bealso included into the profit related calculations.

The market map interface may also include one or more theoretical valueindicators. The graphical interface 300 in FIG. 3 illustrates two suchtheoretical value indicators 314 and 320 corresponding to a theoreticalask indicator and a theoretical bid indicator, respectively. In theexample embodiment, the theoretical indicators are associated with aprice. However, it should be understood that theoretical indicatorscould be associated with any other item of interest to a trader.Further, it should be understood that additional theoretical indicatorscould be displayed as well. For instance, one or more theoreticalindicators for the inside market could be displayed as well.

It should be understood that a theoretical value for any desired item ofinterest to a trader may be set by a trader or by the third partysoftware. For example, a trader may copy and paste information from aspreadsheet. However, it should be understood that other methods oftransferring information may be used as well.

For example, a link can be available from the graphical interface 300that may enable a trader to initiate copying and pasting informationfrom a spreadsheet. It should be understood that a trader may beprovided with a window enabling the trader to link third party softwareto the graphical interface 300. For instance, a trader may want tomonitor a specific price level. Alternatively, the trader may want tomonitor a dynamic price level that is based on the attached calculation.It should be understood that the indicators are not limited to the usewith prices, and may be used with any items of interest on the interface300. In one embodiment, the trader may copy one or more desired cellsfrom a spreadsheet and paste the spreadsheet cells on the static axis330 of the interface 300. Upon pasting one or more spreadsheet cells,one or more theoretical indicators can be displayed on or in associationwith the static axis 330, and positions of the theoretical indicatorsmay then correspond to prices calculated in the spreadsheet or othersoftware. It should be understood that theoretical indicators may bedisplayed using a predetermined, user-configurable color differentiatingthe theoretical indicator from other trader-related or order-relatedindicators.

For instance, a link may be established from the attached spreadsheetcell(s) to the spreadsheet from which one or more cells were copied. Insuch an embodiment, the link gives a trader the ability to change thecopied value or the equation in the spreadsheet, resulting in changes ofindicators' positions. It should be understood that any desirable dataexchange protocol could be used to embed information from the thirdparty software or to link a specific indicator on the market map to thethird party software. For example, Microsoft OLE 2.0 may be used toperform these functions when using Microsoft Windows applications as thethird party software. For example, Microsoft OLE 2.0 may be used toperform these functions when using Microsoft Windows applications as thethird party software. In a preferred embodiment, Microsoft OLE may beused to provide a link between any market indicator or a numberdisplayed in relation to the market map and a cell from a MicrosoftEXCEL spreadsheet. Data exchange protocols in general, and linking andembedding techniques in particular, are well known to those skilled inthe art. Further, it should be understood the every time a variable inthe equation changes, and a new value is calculated, the indicatorlinked to the equation may be dynamically adjusted based on the newvalue.

For instance, the link between the market map interface and the thirdparty software may be a two-way link. In an embodiment in which marketinformation, such as the last traded price, for instance, or any otheritem of interest, is used as a variable in the equation in thespreadsheet, the market data from the market map interface 300 may belinked to the spreadsheet application or any other third party software.Further, it should be understood that the market map application may belinked to the trading application, so that any data available to themarket map or the trading application may be linked to the spreadsheet.

It should be understood that the interface 300 illustrated in FIG. 3 isnot limited to displaying the indicators described above, and more,fewer, or different indicators could be displayed as well. Additionally,it should be understood that a trader may control, e.g., configure,which indicators are displayed on the interface 300. It should also beunderstood that the present invention is not limited to the format ofthe graphical indicators illustrated in FIG. 3. In one embodiment, atrader could configure a format of each indicator or a color used foreach indicator via a window interface enabling the trader to selectindicators to be displayed on the graphical interface via the marketmap, and further to select a graphical representation for eachindicator.

Further, in addition to dynamically displaying current marketinformation and trader-related information indicators, the interface 300may also display historical data related to any market item associatedwith the tradable object. According to one embodiment illustrated inFIG. 3, the historical data may be displayed in a graphical format, suchas using a bar chart, for instance, as illustrated at 328, where the barchart is displayed in relation to the price axis 330. Using a bar chart,each bar may represent a price fluctuation during a predetermined periodof time, which may be user configurable. For example, each bar maycorrespond to a month, an hour, a minute, or a few seconds.Alternatively, each bar may be created upon detecting a certaincondition such as market volatility, reaching a new market high or low,for example.

Using a bar chart, the upper and lower range of each bar is determinedbased on a difference between the highest and lowest value of the itemof interest. According to one embodiment, the bar chart 328 may displaythe last traded price of the tradable object during a predeterminedperiod of time. For example, if a bar corresponds to a one-hour timeperiod, the bar may represent the last traded price performance duringthat one hour time period, and the upper and lower range of the bar maycorrespond to the difference between the highest and lowest last tradedprices during the one hour time period. Additionally, the bar chart 328may plot where a trader placed buy and sell orders, and at what pricethe orders got filled in relation to each bar corresponding to the lasttraded price. It should be understood that the present invention is notlimited to displaying historical data of any item of interest using abar chart, and different types of charts could also be used.Additionally, it should be understood that a trader may enable ordisable the chart display, and the trader may control which items ofinterest are displayed in the chart. Additionally, the market map 300may also display a horizontal bar chart indicating current volume byprice.

It should be understood that the market map application may dynamicallydisplay on each graphical interface in relation to the axis any changesrelated to market information and trader-related information associatedwith a tradable object. For instance, any time the trading applicationdetects a change in market information or detects a new bid or ask beingplaced by a trader via a trading interface, the market map applicationmay also dynamically receive that information so that any relevantchanges in the market and trader-related information are dynamicallyupdated and displayed via the market map interface. Further, the marketmap interface could also display market depth, and a trader mayconfigure how much of the market depth is displayed on each graphicalinterface being displayed on the market map. Additionally, it should beunderstood that a trader may control display of different indicators onthe market map via a parameter entry window, via which the trader mayenter any desirable parameters or select which indicators are displayedon the each graphical interface associated with the market map.

Further, it should be understood that a trader could also place ordersvia the market map interface. For instance, a special buy or sellindicator could be displayed in association with graphical interfacesassociated with a plurality of tradable objects, and, when selected,would enable a trader to place the order via the market map.Alternatively, a trader could place a sell or buy order by clicking on apredetermined side of the graphical interface, such as, for example, ifa trader clicks along the right side of a graphical interface, placingof a buy order may be initiated. Alternatively, any key combination,that may be user configurable, may initiate placing a buy or sell order.Further, alternatively, a right mouse click may correspond to initiatinga placement of a buy order, and left mouse click may correspond to asell order. It should be understood that the order quantity may bespecified via many means. For instance, a trader may configure hispreferable quantity indicators to be displayed in association with themarket map interface. Alternatively, a buy or sell indicator, whenselected by a trader, may activate a window interface, via which thetrader may specify a desired quantity.

Further, it should be understood that the example graphical interface300 is not limited to displaying indicators related to a single tradableobject. It should be understood that, in an alternative embodiment,market/trader information and indicators related to two or more tradableobjects may be displayed in relation to a single axis, such as the axis330. In such an embodiment, for example, a user may configure theindicators in such a manner so that he/she can easily distinguish whichindicators correspond to which tradable object.

FIG. 4 is a block diagram illustrating one example graphical interface400 that may be displayed via the market map according to one embodimentfor displaying trader-related historical data and, specifically,trader's profit and loss data. As illustrated in FIG. 4, a time-basedgraph 402 may be displayed in relation to the graphical interfaceindicating relative price levels of each transaction. For instance,according to the graph 402, the trader purchased a predeterminedquantity at B1 and sold that quantity at a higher price S1. The profitmade on this transaction is illustrated with a graphical bar 408 that isdisplayed at the buy price level. Similarly, another profit graphicalbar 406, corresponding to the buy at the price B2 and the sell at theprice S2, is illustrated at the buy price level. It should be understoodthat the profit and loss bars may be displayed using different colorbars. For instance, as illustrated in FIG. 4, a loss bar 404 correspondsto losses incurred in buying a certain quantity of the tradable objectat the buy price B3 and selling that quantity at the sell price S3. Itshould be understood that the length of each bar may correspond to theloss or profit incurred relatively to other trades so that a trader canquickly attest his position throughout the trading day. For example, thelength of the first bar corresponding to the first transaction of theuser may be user configurable so that, for example, the length of eachbar corresponding to subsequent transactions may be determined based onthe length of the bar corresponding to the first transaction.

FIG. 4 illustrates profit/loss bars displayed on one side of thegraphical interface. In an alternative embodiment, profit/loss barscorresponding to transactions that have been initiated with buys may bedisplayed on one side of the graphical interface, while the barscorresponding to transactions that have been initiated with sells may bedisplayed on the other side of the graphical interface.

Further, it should be understood that all or some buy and sells, such asbuy and sells that occurred over a predetermined period of time, may beaveraged, so that only one profit or loss bar is displayed for eachpredefined time period. It should be understood that other embodimentsare possible as well. Additionally, any method for linking a buy and asell may be used to determine a profit or a loss for a pair of trades.For example, if a last in first out (“LIFO”) algorithm is used, thefirst sell may be matched with the last buy. Alternatively, if the firstin first out (“FIFO”) algorithm is used, the first sell may be matchedwith the first buy. It should be understood, however, that differentembodiments are possible as well.

A trader may simultaneously trade multiple tradable objects and mayparticipate in multiple markets. For example, if a trader is interestedin three tradable objects that are traded on the same or differentexchanges, a trader may wish to view multiple graphical interfacesrelated to these tradable objects via a single market map interface.Further, in such an embodiment, a trader may believe that there is arelationship, such as a price relationship, between two or more tradableobjects being displayed via graphical interfaces on the market mapinterface. In such an embodiment, a trader may link, for example, twotradable objects and enter an adjustment parameter, such as an offset,an equation or any other user defined formula that may characterize atrader-defined relationship between two tradable objects. Then, as willbe described in greater detail below, when one graphical interface isadjusted upon, for example, receiving a user input, indicatorsassociated with the linked tradable object and displayed in relation toanother graphical interface may be accordingly repositioned based on theadjustment parameter specified by the trader for the two tradableobject. It should be understood that repositioning of the indicatorsdoes not mean that the movement of the indicators. According to theexample embodiments, and as will be described in greater detail below,the indicators stay at the same level of the axis, and it is therelative view of the axis that changes.

Further, it should be understood that two or more tradable objects canbe linked together, and the user may define an adjustment parameter foreach pair of tradable objects in the linked group. Alternatively, forexample, a user may center one graphical interface associated with afirst tradable object, and then may enter a user input, such as agraphical selection input, or any other user configurable input, causingthe other linked graphical interface to be repositioned according tosome preset adjustment parameters.

As mentioned in the preceding paragraph, an adjustment parameterdefining a relationship between two tradable objects may be userconfigurable, and may take a format of an offset, an equation, or anyformula. It should be understood that the particular form of the offsetmay be dependent upon the relationship between the tradable objects thatare being displayed. For example, the offset may take any form thatcorresponds to a trader-defined relationship between the tradableobjects. For example, an offset may be a multiplier or divisor, or afixed number that may be added or subtracted from a certain price level.

An equation, function, or user defined formula may define a mathematicalrelationship among the linked tradable objects and may include aplurality of factors such as factors based on data available from anexchange, for example. Further, in an embodiment in which tradableobjects trade with different tick sizes, the equation may perform arounding function to determine an adjustment of a graphical interfaceassociated with one tradable object relatively to a second linkedgraphical interface associated with a second tradable object. In oneembodiment, a trader may enter an equation or a function via third partysoftware, such as a spreadsheet, and the equation may be linked to themarket map application. In such an embodiment, if one or more variablesof an equation or a function depend on any information available to themarket map application, the market map application may provide thatinformation to the third party software so that the adjustment parameteris dynamically calculated, and one or more graphical interfaces beingdisplayed on the market map interface may be repositioned accordingly.It should be understood that a window interface may be provided to atrader to enable the trader to link the third party software applicationto the market map application.

Preferably, according to one example embodiment, when a trader tradesmultiple objects, the trader may specify which of these tradable objectsare displayed via the market map interface. It should be understood thatwhen a trader enables the market map application, a window interface maybe provided to the trader so that the trader can select tradableobjects, and information related to the selected tradable objects may bedisplayed via a plurality of graphical interfaces via the market mapinterface. Further, it should be understood that a trader does notnecessarily have to trade a tradable object to view information relatedto such a tradable object via the market map interface. The abilityprovided to a trader to view market data related to one or more tradableobjects in relation to one or more other related tradable objects maycause a trader to start trading those tradable objects.

Further, when a trader selects tradable objects to be displayed via amarket map interface, the trader may effectively “link” or “group” thetradable objects for the purposes of repositioning of graphicalinterfaces associated with the linked tradable objects in relation toeach other. In such an embodiment, and as will be described in greaterdetail below, when a user repositions information being displayed viaone market map, the information being displayed on other market mapsthat are linked to the repositioned market map may also be repositionedaccordingly based on one or more adjustment parameters, function, orformula entered by the user.

It should be understood that a trader may choose to have one or moregraphical interfaces related to one or more tradable objects ignore therepositioning. In such an embodiment, the trader may simply skip suchtradable objects when defining the linkage between the graphicalinterfaces. Alternatively, a window interface may include an “ignore”selection input, or any similar designation, via which a trader mayindicate market maps that should not be repositioned in relation to anyother market maps. It should be understood that other grouping methodscould also be used, and the present invention is not limited to thedescribed methods. Further, it should be understood that when a traderlinks two or more tradable objects, the market map interface mayautomatically display graphical interfaces associated with the linkedtradable objects in relation to one another so that a trader can easilyview data related to the linked tradable objects.

It should be understood that a plurality of graphical interfaces,displayed via a market map interface, may display information related tothe same tradable object, but each graphical interface may correspond toa different contract expiration date. However, it should be understoodthat the present invention is not limited to linking the same tradableobjects that have different expiration dates. Any two or more tradableobjects may be linked. Referring back to the example of linking the sametradable objects but having different expiration dates, for instance,one graphical interface may display information associated with atradable object having a contract expiration date in March, while asecond graphical interface may display information associated with thesame tradable object, but having a contract expiration date in Septemberof the same year or a different year. Further, it should be understoodthat graphical interfaces on the market map interface may displayinformation related to the same tradable object being traded at the sameor different exchanges. Further, alternatively, graphical interfacesbeing displayed via the market map may display information related todifferent tradable objects being traded at the same or differentexchanges.

When a trader links two or more graphical interfaces and defines one ormore adjustment parameters, based on which the graphical interfacesshould be repositioned, the trader may control which one of the twographical interfaces is a master graphical interface (e.g., a graphicalinterface based on which the other linked graphical interface, a slavegraphical interface, may be repositioned). For example, when a traderinitiates repositioning of data being displayed via one of the linkedgraphical interfaces on the market map, the market map application mayautomatically designate the selected graphical interface as a mastergraphical interface for this specific repositioning being performed bythe trader. Thus, when the trader repositions information beingdisplayed via the selected graphical interface, information beingdisplayed on the other linked graphical interfaces may be repositionedaccording to adjustment parameter(s), equation (s), or formula (s)entered by the trader for each pair of the linked graphical interfacegroup. Thus, it should be understood that, in such an embodiment, anylinked graphical interface in a group of the linked interfaces may be amaster graphical interface depending on which graphical interface atrader decides to reposition.

Also, it should be understood that a trader may reposition a graphicalinterface thus causing repositioning of the linked graphical interfacesby scrolling one of the borders of the selected graphical interface to adesired position, while viewing the effect of repositioning of thedisplayed indicators. Alternatively, up and down movement indicators maybe displayed aside each graphical interface, and may be used to displaya different view of the same information. Further, it should beunderstood that a trader may enter a predetermined key input toautomatically reposition, such as re-center, one graphical interface,based on which one or more other graphical interfaces may berepositioned accordingly. For example, if an initial scale range of theselected graphical interface is 80-120, and one or more marketinformation indicators is getting out of the upper viewable range, thetrader may reposition the graphical interface to display the range100-140. Based on that repositioning, it might seem that the indicatorshave been repositioned; however, it is only the relative view of theindicators to the scale what has actually changed. Other linkedgraphical interfaces may be repositioned accordingly based on one ormore user configured formulas, offsets or functions.

Alternatively, the linked graphical interfaces may be repositioned upondetecting a user input, such as selecting a predetermined graphicalselection input or a key combination. Further, alternatively, a tradermay enable an automatic repositioning of the linked graphicalinterfaces. In such an embodiment, one or more graphical interfaces maybe automatically repositioned, causing automatic repositioning of otherlinked indicators, when on or more indicators (configurable by a user,for example) move out of the viewable area of the graphical interface.It should be understood that other embodiments are possible as well.

FIG. 5 is a block diagram illustrating one example method forrepositioning of graphical interfaces on the market map interface inaccordance with one embodiment. For the ease of presentation, eachgraphical interface illustrates only one indicator. However, it shouldbe understood, and as described in reference to FIG. 3, each graphicalinterface being displayed via the market map may display more than oneindicator associated with market information or trader relatedinformation.

Referring to FIG. 5 two graphical interfaces, a first graphicalinterface 500 and a second graphical interface 504 are illustrated. Forinstance, a trader may designate the first graphical interface 500 as amaster graphical interface by selecting a predetermined selection input,key combination, or by initiating a repositioning, e.g., scrolling usinga mouse, for example, of one of the lower (or upper) borders of thegraphical interface 500 in direction of the desired movement. Further,in FIG. 5, it is assumed that the trader has earlier defined a (tick)ratio or a formula defining an adjustment parameter between the twographical interfaces. In the example illustrated in FIG. 5, theadjustment ratio between the first graphical interface 500 and thesecond graphical interface 504 is 1:2, where 1:2 may correspond to atick ratio, for instance. Thus, when a trader decides to change a viewof the first graphical interface and scrolls the first graphicalinterface 500 “x” ticks up (as illustrated in FIG. 5), thus,effectively, keeping the same tick range, but changing the lowest andhighest displayed range of values on the axis, the graphical interface500 may be displayed as illustrated in the graphical interface 500A.Therefore, if the highest range value of the graphical interface 500 was“H” and the lowest value was “L,” after the movement, the highest valueof the graphical interface 500A would have been “H+x.” and the lowestvalue would have been “L+x,” while the indicator 502 would have stayedat the same level (e.g., a tick level, or a price level). It should beunderstood that the intermediate stage of the graphical interface 500has been illustrated in FIG. 5 to show the repositioning of thegraphical interface in relation to the indicator 502; however, it shouldbe understood that this view would not be presented to a user.

Further, if the first graphical interface 500 is moved “x” ticks up, thesecond graphical interface 504 may be moved “2x” ticks up based on theadjustment parameter defined by the user, resulting in the graphicalinterface 504A. As mentioned earlier, the adjustment of the secondgraphical interface 504 may occur upon detecting the repositioning ofthe first graphical interface 500, or upon receiving a predetermineduser selection input. It should be understood that it is only the viewof the graphical interface that changes, and not positions of thegraphical indicators being displayed on the interfaces. Thus, eachlinked graphical interface being displayed via the market map may bethought of as a moving window so that, when one graphical interface isrepositioned, thus, changing the view of the indicators displayed onthat graphical interface, the view of one or more other graphicalinterfaces change as well according to trader-defined adjustmentparameters or formulas.

Further, as explained above, the selected graphical interface, e.g., thegraphical interface based on which the other linked graphical interfacesare repositioned, serves as a master graphical interface only forduration of this repositioning. When a trader decides to reposition thegraphical interface once again, the trader may initiate repositioning ofanother graphical interface, causing the selected graphical interface toserve as a master graphical interface.

It should be understood that the present invention is not limited tomanually repositioning graphical interfaces. In an alternativeembodiment, each graphical interface may provide a selection graphicalinput that a trader may enable to automatically reposition the graphicalinterface, such as automatically center indicators displayed inassociation with the graphical interface. In such an embodiment, if atrader selects such an input, the graphical interface associated withthe selected graphical input may be automatically designated as a mastergraphical interface for the linked graphical interfaces.

It should be understood, and as mentioned above, a market map maydisplay a plurality of graphical interfaces, and the graphicalinterfaces may be grouped so that for example two or more graphicalinterfaces displayed in one row are linked together, and another set ofgraphical interfaces, displayed in a second row, for example, are linkedas well. Further, it should be understood that many additional userconfigurable options may be available as well. For example, when one ormore graphical interfaces are repositioned, the graphical interface maydisplay a highlighted indicator identifying where one or more indicatorswere positioned prior to the repositioning.

As mentioned in reference to the preceding paragraphs, the adjustmentparameter that is used to adjust position of one graphical interface inrelation to another graphical interface being displayed on the marketmap interface may be a numerical value. In one embodiment, a numericalvalue may define an offset to be used to adjust a relative position ofindicators being displayed on the slave graphical interfaces in relationto the respective indicators being displayed on the master graphicalinterface. For example, if two graphical interfaces display informationrelated to the same tradable object that has different contractexpiration dates, the two graphical interfaces are most likely based onthe same price scale. In such an embodiment, the price of the tradableobject having an earlier contract closing date may be lower than that ofthe tradable object having a later closing date. For example, if P1 isthe lower price, and P2 is the higher price, P2 might be set to “P1+X”,where “X” is an offset and may be user configurable. Further, in such anembodiment, the offset may correspond to a tick offset that may be usedin the market map application to adjust positions of indicators on thesecond graphical interface in relation to positions of indicators on thefirst graphical interface. In other words, P2 is a function of P1, e.g.,P2=f(P1).

For example, referring to the example discussed above, if the offset isset to 10 ticks, market information and trader related information ontwo graphical interfaces may be adjusted so that the offset between thesecond graphical interface and the first graphical interface is 10ticks. Then, for example, if the graphical interface associated with P1is repositioned two ticks down, the second graphical interface, uponreceiving a user selection input, for example, may be repositionedaccordingly to keep the offset equal to 10.

However, it should be understood that graphical interfaces on the marketmap may also display information associated with tradable objects havingdifferent price scales. In such an embodiment, a trader may define atick or price ratio for a pair of linked graphical interfaces, theembodiment of which will be discussed in reference to the next figure.

FIG. 6 illustrates a method for repositioning graphical interfaces onthe market map based on relative tick ratios configurable by a user. Forthe ease of presentation of relative movements of slave graphicalinterfaces' indicators relative to the corresponding master graphicalinterface's indicator, each graphical interface illustrated in FIG. 6includes only one indicator. However, it should be understood, and asdescribed in reference to FIG. 3, each graphical interface may displaymore than one indicator associated with market information ortrader-related information.

Referring to FIG. 6, three graphical interfaces: a first graphicalinterface 600, a second graphical interface 602, and a third graphicalinterface 604 are illustrated. For instance, a trader may designate thefirst graphical interface 600 as a master graphical interface by simplyinitiating the repositioning process, e.g., scrolling an upper or loweredge of the graphical interface to a desired position. Alternatively, atrader may re-center one or more graphical interfaces displayed via themarket map by selecting a re-center graphical indicator such as agraphical indicator 624, 626, or 628. Alternatively, as has beendescribed in earlier paragraphs, a trader may select an automatedrepositioning by selecting one of the auto selection inputs 630, 632, or634. In such an embodiment, for example, if the auto selection input 630is selected, the first graphical interface may be periodically centeredcausing the other two interfaces to be repositioned according touser-defined adjustment parameters. Alternatively, the other interfacesare not repositioned until a predetermined selection input is receivedfrom the user.

Also, the trader may define tick ratios to be used to controlrepositioning of each pair of the linked graphical interfaces. Forinstance, the trader may define that 3 ticks on the graphical interface600 correspond to 5 ticks on the graphical interface 602 (a ratio 5:3for the first pair of graphical interfaces 600 and 602), and then maydefine that the same 3 ticks on the graphical interface 600 correspondto 10 ticks on the graphical interface 604 (a ratio 10:3 for the secondpair of graphical interfaces 600 and 604). It should be understood thata third ratio could be defined for the graphical interfaces 602 and 604as well.

In such an embodiment, if a trader repositions the market map 600 by 3ticks up or down, the graphical interfaces 602 and 604 are repositioned5 and 10 ticks up or down, respectively. As mentioned in earlierparagraphs, a trader may reposition the graphical interface by simplyscrolling an upper or lower edge of the graphical interface, oralternatively by moving a sliding scale 636 enabling a trader toreposition the graphical interface 600. Similarly, the trader mayreposition the graphical interfaces 602 and 604 using sliding scales 638and 640, respectively, and causing relative repositioning of the othermarket maps based on the defined ratios.

Thus, for example, an indicator 606 is positioned at a third tick fromthe common level line illustrated as a tick labeled “0.” When a traderrepositions the graphical interface 600 3 ticks down, thus effectivelymoving the indicator 606 to the position 606A, the graphical interfaces602 and 604 are repositioned accordingly based on the predefined ratios,e.g., 5 and 10 ticks down. Thus, after the repositioning, an indicator612 on the graphical interface 602 is displayed as an indicator 612A,and an indicator 622 on the graphical interface 604 are displayed as anindicator 622A, respectively. FIG. 6 shows two indicators 606 and 606A,612 and 612A, and 622 and 622A on the three market maps. However, itshould be understood that once the repositioning occurs, the indicators606, 612, and 622 are no longer displayed.

It should be understood that once a master graphical interface isrepositioned, the other linked graphical interfaces may be repositionedinstantly or may be repositioned upon receiving some selection input.Further, a trader may control how fast slave graphical interfaces arerepositioned. For instance, according to one embodiment, instead ofmoving the slave graphical interface instantly, repositioning of slavegraphical interfaces may occur in a slowed down motion. Further,alternatively, slave graphical interfaces, once repositioned, mayreturn, after some user-configurable time, to their original views,e.g., views before the repositioning. It should be understood that thoseskilled in the art should understand that many other embodiments arepossible as well.

According to one example embodiment, the slave graphical interfaces,e.g., the graphical interfaces 602 and 604 in this example, may alsodisplay theoretical positions of any indicators. Referring to FIG. 6, anindicator 606 is displayed in relation to the graphical interface 600.Based on the position of the indicator 606 and any user-definedformulas, positions of the theoretical indicators on the other graphicalinterfaces corresponding to the indicator 606 may be determined and thendisplayed on the graphical interfaces 602 and 604, respectively.According to an example embodiment, a first theoretical indicator 610 ispositioned at a tick labeled “5” from the common level line on thegraphical interface 602, and a second theoretical indicator 620 ispositioned at a tick labeled “10” from the common level line on thegraphical interface 604.

However, a theoretical indicator defining position of the inside market,for instance, may not, and probably will not, match position of aninside market indicator as determined by the market activities.Therefore, while the indicators 610 and 620 correspond to positions oftheoretical indicators, market-based indicator 612 and 622 are displayedon the graphical interfaces 602 and 604, respectively.

Further, according to an example embodiment, two or more curves may bedisplayed to quickly enable a trader to view the current position of anitem of interest with respect to the theoretical position of that item.FIG. 6 illustrates two such curves, where a first curve 628 tracestheoretical positions of the items of interest as displayed on threegraphical interfaces, and a second curve 630 traces the market-basedpositions of the items of interest. It should be understood that oncethe indicators are repositioned, the curves tracing the indicators areupdated as well and reflect positions of the updated indicators. FIG. 6does not illustrate the updated curves. The curves displayed in relationto the market maps may aid a trader to adjust his trading strategies andview the market trend in relation to the theoretical market position setby a trader. It should be understood that more than one theoreticalindicator could be displayed for the same item of interest, and morethan one curve could be displayed in relation to those theoreticalvalues.

Further, it should be understood that the method for repositioningmarket information or trader-related information on slave graphicalinterfaces displayed via the market map is not limited to usinguser-defined numerical offsets or ratios. In an alternative embodiment,a user may define a function or a formula having a plurality ofparameters based on which an adjustment parameter for adjusting eachslave graphical interface may be calculated. In such an embodiment, atrader may enter one or more functions via third-party software that islinked to the market map application and which dynamically calculates anadjustment parameter that is used to reposition any indicators on slavegraphical interfaces relative to a master graphical interface. It shouldbe understood that any user configurable functions could be used todetermine an adjustment parameter.

Further, it should be understood that more than one adjustment parametercould be used for each pair of graphical interfaces. For instance, aplurality of graphical selection inputs, such as window buttons,associated with different adjustment parameters may be displayed foreach pair of graphical interfaces. Alternatively, different key inputsmay correspond to different adjustment parameters. In such anembodiment, a trader may select one of such selection inputs before anyrepositioning is performed. Further, in such an embodiment, after sometime, a trader may subsequently select another graphical selection inputassociated with a different adjustment parameter so that therepositioning may be performed based on a different adjustmentparameter.

It should be understood that the above description of the preferredembodiments, alternative embodiments, and specific examples, are givenby way of illustration and should not be viewed as limiting. Further,many changes and modifications within the scope of the presentembodiments may be made without departing from the spirit thereof, andthe present invention includes such changes and modifications.

Further, it will be apparent to those of ordinary skill in the art thatmethods involved in the system and method for repositioning informationdisplayed on the market map may be embodied in a computer programproduct that includes one or more computer readable media. For example,a computer readable medium can include a readable memory device, such asa hard drive device, CD-ROM, a DVD-ROM, or a computer diskette, havingcomputer readable program code segments stored thereon. The computerreadable medium can also include a communications or transmissionmedium, such as, a bus or a communication link, either optical, wired orwireless having program code segments carried thereon as digital oranalog data signals.

The claims should not be read as limited to the described order orelements unless stated to that effect. Therefore, all embodiments thatcome within the scope and spirit of the following claims and equivalentsthereto are claimed as the invention.

1. A method for displaying information related to a plurality oftradable objects in an electronic trading environment via a market map,the method comprising: receiving at a client terminal coupled with anelectronic exchange, first market information for at least a firsttradable object and second market information for a second tradableobject from the electronic exchange, the first market informationidentifying working orders for a first tradable object and the secondmarket information identifying working orders for a second tradableobject; displaying at the client terminal, a market map including aplurality of price levels of a first static price axis and a pluralityof price levels of a second static price axis, the first static priceaxis associated with the working orders for the first tradable objectand the second static price axis associated with the working orders forthe second tradable object; receiving at the client terminal, anadjustment parameter between the first static price axis and the secondstatic price axis representing a repositioning relationship between thefirst static price axis and the second static price axis, where a shiftin position of the first static price axis relative to the market map isunequal to shift in position of the second static price axis relative tothe market map; displaying, for a first working order for the firsttradable object, an indicator along the first static price axis at aprice level corresponding to a price of the first working order;displaying, for a second working order for the second tradable object,displaying an indicator along the second static price axis at a pricelevel corresponding to a price of the second working order;repositioning the first static price axis relative to the market mapaccording to a user input command received via an input device, whereprice levels of the first static price axis, and indicators displayedrelative thereto, each shift a same number of price levels along thefirst static price axis relative to the market map; and repositioningthe second static price axis in response to repositioning the firststatic price axis such that price levels of the second static price axiseach shift a second number of price levels relative to the market mapaccording to the adjustment parameter.
 2. The method of claim 1 furthercomprising displaying a theoretical value indicator related to at leastone of the first tradable object and the second tradable object alongthe respective first static price axis or second static price axis. 3.The method of claim 2, further comprising displaying the theoreticalvalue relative to the respective first or static axis or pricesindicator according to a formula configured to determine a price for atleast one of the first and second tradable object.
 4. The method ofclaim 3, where the formula is configured to determine the priceaccording to a variable related to at least one of the first marketinformation and the second market information.
 5. The method of claim 2,further comprising shifting the theoretical value indicator in responseto repositioning the first static price axis.
 6. The method of claim 1,where repositioning the first static price axis comprises substantiallyre-centering the first static price axis, where indicators for an insidemarket for the first tradable object displayed along the first staticprice axis are substantially centered relative to the market map.
 7. Themethod of claim 1, where repositioning the first static price axiscomprises substantially re-centering the second static price axis, whereindicators for an inside market for the second tradable object displayedalong the second static price axis are substantially centered relativeto the market map.
 8. The method of claim 1, where a view of theinformation related to the second tradable object returns to an originalposition after a predetermined amount of time.
 9. The method of claim 1,where the indicator displayed along the first static price axis and theindicator displayer along the second static price axis illustrate ordertype.
 10. The method of claim 1, further comprising repositioning theindicator displayed along the first static price axis to a new locationrepresenting a new price for the order associated with the indicator.11. The method of claim 10, further comprising: canceling the firstworking order for the first tradable product; and submitting a newworking order having the new price for the first tradable product to theelectronic market for the first tradable object.
 12. The method of claim1 further comprising: receiving updated first market information for thefirst tradable object; and displaying indicators along the first staticprice axis associated with orders identified with the updated firstmarket information, each indicator being displayed along the firststatic price axis at a price level corresponding to a price of the orderassociated with the indicator.
 13. A method for displaying marketinformation for tradable objects, comprising: displaying a graphicaluser interface on a client terminal coupled with an electronic exchange;receiving from the electronic exchange at the client terminal, marketinformation for a first tradable object and a second tradable object;displaying on the graphical user interface, a first market axis for thefirst tradable object according to the received market information, thefirst market axis having a plurality of locations; displaying firstorder indicators along the first market axis, each first order indicatorassociated with a working order for the first tradable object and beingdisplayed at one of the plurality of locations associated with a valueof the working order associated with the first order indicator;displaying on the graphical user interface, a second market axis for thesecond tradable object according to the received market information, thesecond market axis having a plurality of locations; displaying secondorder indicators along the second market axis, each second orderindicator associated with a working order for the first tradable objectand being displayed at one of the plurality of locations associated witha value of the working order associated with the second order indicator;repositioning the first market axis a first number of locations of thefirst market axis, where the first market axis shift the first number oflocations of the first axis relative to the graphical user interface;and repositioning, in response to repositioning the first market axis,the second market axis according to a reposition relationship defining areposition relationship between the first market axis and the secondmarket axis where a shift in position of the first market axis relativeto the graphical user interface is unequal to shift in position of thesecond market axis relative to the graphical user interface.
 14. Themethod of claim 13 further comprising graphically displaying on thegraphic user interface historical data representing for at least one ofthe first and the second tradable objects.
 15. The method of claim 14where graphically displaying comprises displaying a bar chartrepresenting a price fluctuation during multiple substantially equalpredefined time periods.
 16. The method of claim 14 where graphicallydisplaying comprises displaying a time-based chart representingtrader-related historical data.
 17. The method of claim 16 where thetime-based chart comprises at least one of a sell order and a buy orderwhere the graphical display illustrates relative trade levels for thesell and buy order.
 18. The method of claim 13, further comprisingdisplaying at least one of a first theoretical position indicatorrelative to the first market axis and a second theoretical positionindicator relative to the second market axis, the value of the firsttheoretical position indicator being displayed at a one of the pluralityof locations of the first market axis corresponding to a trading levelfor a first tradable object, and the value of the second theoreticalposition indicator being displayed at a one of the plurality oflocations of the second market axis corresponding to a trading level fora second tradable object.
 19. The method of claim 18 further comprisingrepositioning the at least one of the first theoretical positionindicator and the second theoretical position indicator in response torepositioning the first market axis.
 20. The method of claim 18 where aposition of the first theoretical indicator relative to the first axisis determined according to a first formula and a position of the secondtheoretical indicator relative to the second axis is determinedaccording to a second formula.
 21. The method of claim 18 displaying theat least one of the first position indicator and the second positionindicator along a respective first or second market axis according to aformula.
 22. The method of claim 21, where the formula comprises atleast one variable related to at least one of the first tradable objectand the second tradable object.
 23. The method of claim 18 furthercomprising graphically displaying a curve connecting the first andsecond theoretical position indicators.
 24. The method of claim 23further comprising repositioning the graphically displayed curveconnecting the first and second theoretical position indicatorsaccording to the reposition relationship defining a repositionrelationship between the first market axis and the second market axis inresponse to movement of the first axis and second axis.
 25. A method fordisplaying market information for tradable objects, comprising:displaying a market map on a display of a client terminal; displaying afirst axis having a plurality of trading levels corresponding to a firsttradable object relative to the market map on the display of the clientterminal; displaying a second axis having a plurality of trading levelscorresponding to a second tradable object relative to the market map onthe market map of the client terminal; and in response to shifting thefirst axis a first number of trading levels along the first axisrelative to the market map, shifting the second axis relative to themarket map a second number of levels, the second number of levelsdetermined according to a repositioning relationship defining an unequalrelative repositioning movement between the first and the second axis.26. The method of claim 25 further comprising receiving a user commandvia the market map for an order for at least one of the first and secondtradable object.
 27. The method of claim 25 where receiving an ordercomprises receiving data associated with a user selection of anindicator displayed in association with a corresponding one of the firstor second axis.
 28. The method of claim 25 further comprising:displaying first theoretical position indicators on both of the firstaxis and second axis, the value of the first theoretical positionindicators corresponding to at least one of the trading levels forrespective first and second tradable objects; displaying secondtheoretical position indicators on both of the first axis and secondaxis, the value of the second theoretical position indicatorscorresponding to at least one of the trading levels for respective firstand second tradable objects; and graphically displaying a firstcurvature connecting the first theoretical position indicators and asecond curvature connecting the second theoretical position indicators.29. The method of claim 28 further comprising repositioning thegraphically displayed first curvature connecting the first theoreticalposition indicators and the second curvature connecting the secondtheoretical position indicators according to the unequal relativemovement relationship between the first and the second axis in responseto movement of the first axis.